£1.2m Artistic Debt Abolishment

Image: Curatorspace.com, Linden Nieto & Dan Edelstyn

Artist Hilary Powell and filmmaker Dan Edelstyn setup their own bank called Hoe Street Central Bank in Walthamstow when the local Co-op bank shut down. They obtained a licence from the Financial Conduct Authority and printed their own money with local heroes on the notes like the founders of the local foodbank, homeless kitchen and the headmistress of the local school. They raised £20,000 from selling the bank notes as artwork and using their financial licence, bought £1.2m of local distressed debt at a fraction of its value. They officially abolished the local debt, which will help organisations such as the local hospital and school, and they plan to symbolically explode the debt as an art installation on April 28. What an inspiring story! Legends.

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